Corporate Taxation and Financial Leverage of Listed Non-Oil Exporting Companies in Nigeria

Corporate Taxation and Financial Leverage of Listed Non-Oil Exporting Companies in Nigeria

Registration ID: IJNRD_202791

Published ID: IJNRD2310086

DOI: Click Here to Get

Ezeoma, Kelechi Iheonukara , Ohale L. , Nteegah Alwell

Company income tax, value added tax, financial leverage

This study investigates the extent to which both direct and indirect taxes affect corporate financial leverage for listed non-oil exporting companies in Nigeria using the panel data framework. While direct taxation is proxied by company income tax, indirect taxation is proxied by value added tax. The study involves nine (9) listed non-oil exporting companies and covers the period from 2015 to 2022. The companies are Beta Glass, Cadbury Nigeria, Dangote Cement, Flour Mills, Guinness Nigeria, Nestle, Okomu Oil Palm, PZ Cussons, and Unilever Nigeria. The empirical analysis is based on a dynamic panel data model that incorporates firm size, profitability, and corporate governance as control variables. First, we compare the performance of the three conventional panel estimation methods (pooled regression, fixed effects, and random effects) based on Likelihood Ratio and Hausman specification tests and find that the specified model is consistent with the fixed effects theory. More specifically, our findings show that cross-sectional heterogeneity, arising mainly from the differences in organizational culture, organizational leadership, and/or management style, is an important aspect of the dynamic relationship between corporate taxation and financial leverage. Further, in contrast with the trade-off theory, we find that debt capital is not significantly related to both company income tax and value added tax. Hence, we conclude that corporate taxation is not a significant explanatory factor for corporate financial leverage.

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"Corporate Taxation and Financial Leverage of Listed Non-Oil Exporting Companies in Nigeria", IJNRD - INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT (www.IJNRD.org), ISSN:2456-4184, Vol.8, Issue 10, page no.a744-a751, October-2023, Available :https://ijnrd.org/papers/IJNRD2310086.pdf

Volume 8 Issue 10, October-2023

Pages : a744-a751

Paper Reg. ID: IJNRD_202791

Published Paper Id: IJNRD2310086

Downloads: 000121116

Research Area: Management

Country: Choba, Rivers, Nigeria

Published Paper PDF: https://ijnrd.org/papers/IJNRD2310086.pdf

Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2310086

Journal Name: INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT(IJNRD)

ISSN: 2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar | ESTD YEAR: 2016

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Publisher: IJNRD (IJ Publication) Janvi Wave

This work is licensed under a Creative Commons Attribution 4.0 International License and The Open Definition

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